The Commonwealth Bank No Fee variable rate home loan offers flexible options without the added fees.
The Commonwealth Bank No Fee variable rate home loan offers a variety of flexible features, but doesn't carry the fees often associated with variable rate home loans.
Things to consider about the Commonwealth Bank No Fee Variable Rate Home Loan
This loan is a full documentation loan, so you'll have to supply standard proof of income documents. It's suitable to finance home purchases, investment properties, off-the-plan purchases and to provide bridging finance. It's not available to those wishing to purchase land or construct a home, nor to those looking to finance a business.
Features of this home loan
- Absence of fees. The Commonwealth Bank has eliminated some of the common fees you'll see with other lenders as well as with other types of loans like: establishment fees, valuation fees, voucher fees, deferred establishment fees, drawing fees, administrative fees, top up fees, switching fees, security guarantee fees, loan service fees, settlement fees and the other types of fees often found with home loans.
- No maximum loan amount. There is minimum loan amount of $150,000 though there is no maximum amount for the loan.
- Flexible repayments. Repayments can be made weekly, monthly or fortnightly. If you need a holiday from repayments you have the option to use these extra funds to cover the payments.
- Repayment type. You can choose principal plus interest or interest-only repayments. However, split loans are not available.
- Loan-to-value ratio. There's a maximum loan-to-value ratio (LVR) of 80% with this loan. This increases to 95% if you're willing to pay for lenders mortgage insurance (LMI).
- Conditional pre-approval. You can get an obligation free pre-approval on your home loan. This means you can start looking for your property with confidence knowing how much you can spend.
- Loan term. There is a maximum term for the loan of 30 years, though there are mitigating factors such as retirement age that could impact this number.
- Additional repayments. You can make unlimited additional repayments to this loan, so you can pay it off sooner. If you have made additional payments you can withdraw these at any time.
- Loan top-up. You can apply for an increase in your loan amount (minimum $10,000), subject to approval.
- Annual fee waived on Low Fee MasterCard. You are eligible to receive a Low Fee MasterCard with no annual fee. You can also open a Smart Access or Complete Access transaction account with no monthly account fee, for the life of the loan.
How to apply for this loan
If you would like to apply for the Commonwealth No Fee home loan, please click 'go to site' to be safely redirected to the enquiry page. If you're self employed, have a guarantor or applying as a company or trust, Commonwealth Bank recommends that you apply offline. If you're an existing customer of Commonwealth Bank, you can also apply through NetBank.
- Your finances (listing your expenses, your assets and liabilities)
- The property that you'd like to purchase (if you've already found one)
- Employment (your income, payslips, etc.)
- If you're applying with someone else, details of the second applicant